It’s just about noon on 12/31/2008 leaving only 12 hours left for the 2009 countdown. Can you believe it will be 2009 already, seems like yesterday Prince came out with “Tonight I’m Going To Party Like It’s 1999″ and we all had “Y2K” on the brain, 9+ years sure does go by fast and the real estate world is no different.
Just 3 or 4 years ago prices were rising so fast it was hard to keep track of it and now we have a declining market, or do we? What does the media really mean by “declining”?
Sure we can look at the reports and market statistics even on my own web site and yes, many areas are down; but does that have a black & white meaning of doom and gloom I ask? If you’re a homeowner not looking to move, does it really matter what the current prices are? It’s like stock, it will come back.
Are you looking to sell now and worried about it, think about this; most sellers sell to buy up so if your $200,000 property is down 5% from 2 years ago that’s $10,000 and you’re buying up into a $300,000 home that is also down 5% which is $15,000 so how are you out money in that case? You’re not, you’re ahead.
Another thing to really look at is the loss of money, what does that mean? Most look at the fact “well if I would have sold 2 years ago I could have got x dollars”, why does that matter, 2 years ago you were not selling so the point does not justify a loss of money.
Buyers looking in this market have never seen a better opportunity with home prices as attractive as they are and interest rates in the 5% range, they were even in the mid 4% range 2 weeks ago! Renting? Why? Loan rates and programs combined with housing prices make this the time to finally own your own piece of ground and tell your landlord to make his or her own payments.
Point is, yes the majority of areas have seen a decline in sale prices but not all areas, in fact some areas are up. To learn more about your specific area contact us today.
This year is going to be full of opportunity for our clients and you. We have buyer calls still coming in and the rates are intriguing more to finally buy that property; in fact we have 3 buyers this week and a new listing coming Monday.
Have a great New Years Eve and best wishes to you in 2009 & thank you for making us part of your Real Estate team!
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